The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-01-16
The Virginia State Debt.

To the People Of Virginia
Al n meeting Of Virginia I'ondholdcrs, con-
vened by the Council of Foreign BonunoIucIs'
and held on Friday, the Hth or september.
Iss8 nj the Cannon-street Hotel. LONDON,
the following resolutions were passed uhahi-
mousy: 49,, ,. oo,,,oet
into which the bondholders nave been iOI s,,a
for the maintenance of their rights, and, while
asserting its steadfast determination not 10 ac-
cent the Riddleberger settlement, when, I'D
view of the admitted ability OF Nlrglnla 10 SET
tie with her creditors, and the sacrlnces they
have already made on her behalf, II considers
dishonest and unjust, hereby expresses us
Willingness to- meet the State ana entertain u
reasonable compromise based upon the pres
ent taxation and the available revenue, alier
nroviding for the Constitutional Appropriation
Tor government. schools, and other pubic ex-
The state had the benefit Of the whole OF the
money she originally borrowed (sN,WJUD). IL
laid the Foundation Of her roads. railways, ana
canals, and has brought millions OF dollars
into the country. Had you not conStruS Sl.
these public works with the DOnunoIue Is
money YOU would have TO be taxed now Tor
them. - -.
No State which borrowed money ever en-
loved the benefit of its loans more IMAM v IT
ginia has done. See Senate Document AAlV.
Session, ls71-'S.l
The present unsettled condition Of the deb
is keeping capital and immigration out OF Firt
ginia and as long as matters so continue you
will never develop the splendid resources Oh
the State in the way they deserve. m
The revenue of Virginia Is increasing. Inc
last assessment shows an increase OF s39,VD-
90 i'm taxable values. Your present revenue
might be largely increased II the taxes were
more carefully collected and the present as
sessments on property equalized throughout
the state.
What might have been difficult to do few
years ago is easy now, and each year me Dur
den will become lighter. When the debt ques-
ton is settled capital and enterprise, Whlch
now holds aloOf will flow into the State.
The settlement offered by the bondhoders
proposes that the bonds now in existence pear,
ing X-rcCciVablc coupons should be deposited
i'm some trust company; that new bonds should
be issued i'm their place. bearing no tax -recely
able coupons. and at low rate OF interest
When the State pays hali-year interest on
the new bonds. the taX-recclNaDle coupons Tor
that half-ycar shall bee cut on the old bonds by
the trust company. cancelled, and delivered TO
the state. Any increase ON the present reVe,,
nue. viii be APPROPRIATED ny the Sldlc- ana
the bOndhOldcTs will not have any claim on III.
There was cash balance last july in the
Treasury Of $i31 900, and the average purchase
OF Riddlebcrger 3s by the state has D@en at
the rate of 100000 per annum In cash. Inc
State has some millions of dollars OF assets
which would help her in arranging "A settle
ment.
The bondholders are as deeply interested as
YOU are in maintaining the credit ana prosper
ity Of your state. They ask for Il fair hearing
and discussion of the question ~ business
men, and not by politicians, whose interest u
is to prevent an understanding being arrived
at and an honorable compromise made
The best way Of bringing about this settle
ment is for taxpayers TO tender coupons In
payment Of their taxes. In view OF the con
ciliatOry spirit and liberal Oner made by the
creditors | venture respectfully 10 submit 10
yOu that il is your moral duty, az well as your
legal right and privilege. 10 tender coupons for
taxes now due. JAMES L. COPPER.
nO26